India’s second largest private sector lender HDFC bank ’s first quarter (April-June) net profit rose more than 33% to Rs 1,085 crore, compared to the same period last year. This was slightly ahead of a CNBC-TV18 poll that had estimated the bottomline at Rs 1,064.2 crore.
Net interest income in the April-June period jumped 18.6% year-on-year to Rs 2,848 crore from Rs 2,401 crore a year back. Net interest margin (NIM) sequentially remains unchanged at 4.20% suggesting that the bank has successfully passed on the higher cost of borrowings to its customers.
However, the share of CASA (Current Account Savings Account) ratio fell marginally to 49.1% from 51% in March quarter. During the quarter, loans grew by 20% year-on-year to Rs 1.75 lakh crore while deposits grew by 15.36% to Rs 2.11 lakh crore.
Amidst concerns of rising bad loans in the overall industry, the bank managed to maintain its asset quality. Its gross non-performing assets (NPAs) decreased quarter-on-quarter to 1.04% from 1.1% while net NPAs fell by two basis points to 0.18% from 0.2%.
Bank’s total capital adequacy ratio rose to 16.9% from 16.2%. in March, 2011. During the quarter, the lender also raised Rs 3,650 crore of tier II capital by issuing tier II
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